Sunday, 18 August 2019 12:31 GMT

UAE- Gold futures higher on weak US jobs data

(MENAFN - Khaleej Times) Gold futures on the COMEX division of the New York Mercantile Exchange rose for the eighth straight session following a weaker-than-expected US jobs growth.
Gold has also benefited from concerns that US trade wars with Mexico and China will slow the global economy.
The most active gold contract for August delivery went up 3.40 US dollars on Friday, or 0.25 per cent, to settle at 1,346.10 dollars per ounce, the Xinhua news agency reported.

Spot gold was 0.4 per cent higher at $1,339.97 per ounce at 2:34pm EDT (1834 GMT), having earlier hit its intra-day high of $1,348.08.

US gold futures settled up 0.3per cent at $1,346.10 an ounce.

In Dubai, 22k can be bought at Dh151.25 and buyers can get 24k at Dh161 .

The US Bureau of Labor Statistics reported that employers added just 75,000 jobs in May, much lower than most economists had predicted.

The latest data indicated concerns about a slowing economy and will make US Federal Reserve easier to cut key interest rates, said analysts.

As a result, the US dollar index, a gauge of the greenback against a basket of its peers, fell 0.52 per cent to 96.54 prior to the settlement of gold futures.

When the dollar goes down, gold usually rises, as it becomes less expensive for investors holding other currencies.

As for other precious metals, silver for July delivery was up 12.6 cents, or 0.85 per cent to close at 15.031 dollars per ounce. Platinum for July delivery was up 2.40 dollars, or 0.3 per cent, to settle at 806.10 dollars per ounce.


UAE- Gold futures higher on weak US jobs data


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